{"id":16468,"date":"2016-03-17T10:50:57","date_gmt":"2016-03-17T05:20:57","guid":{"rendered":"http:\/\/www.icmarkets.com\/blog\/?p=16468"},"modified":"2016-03-17T10:50:57","modified_gmt":"2016-03-17T05:20:57","slug":"thursday-17th-march-european-open-briefing","status":"publish","type":"post","link":"https:\/\/ic-ch-asia.com\/blog\/thursday-17th-march-european-open-briefing\/","title":{"rendered":"Thursday 17th March European Open Briefing"},"content":{"rendered":"<p>\n\t<strong>Global Markets:<\/strong>\n<\/p>\n<ul>\n<li>\n\t\tAsian stock markets: Nikkei up 0.05 %, Shanghai Composite gained 0.55 %, Hang Seng rose 1.50 %, ASX 200 rallied 1.10 %\n\t<\/li>\n<li>\n\t\tCommodities: Gold at $1257 (+2.25 %), Silver at $15.59 (+2.40 %), WTI Oil at $39.10 (+1.65 %), Brent Oil at $40.70 (+0.90 %)\n\t<\/li>\n<li>\n\t\tRates: US 10 year yield at 1.90, UK 10 year yield at 1.53, German 10 year yield at 0.32\n\t<\/li>\n<\/ul>\n<p>\n\t&nbsp;\n<\/p>\n<p>\n\t<strong>News &amp; Data:<\/strong>\n<\/p>\n<ul>\n<li>\n\t\tAustralia Employment Change Feb: 0.3k (est. 13.5K, prev. -7.5K)\n\t<\/li>\n<li>\n\t\tAustralia Unemployment Rate Feb: 5.8% (est. 6.00%, prev. 6.00%)\n\t<\/li>\n<li>\n\t\tAustralia Participation Rate Feb: 64.9% (est. 65.20%, prev. 65.20%)\n\t<\/li>\n<li>\n\t\tNew Zealand GDP SA (QoQ) Q4: 0.9% (est. 0.7%, prev. 0.9%)\n\t<\/li>\n<li>\n\t\tNew Zealand GDP (YoY) Q4: 2.3% (est. 2.1%, prev. 2.3%)\n\t<\/li>\n<li>\n\t\tJapan Trade Balance (JPY) Feb: 242.8B (est. 400.2B, prev. -648.8B)\n\t<\/li>\n<li>\n\t\tJapan Trade Balance Adjusted (JPY) Feb: 166.1B (est. 235.0B, prev. 119.4B)\n\t<\/li>\n<li>\n\t\tJapan Exports (YoY) Feb: -4.0% (est. -3.00%, prev. -12.90%)\n\t<\/li>\n<li>\n\t\tJapan Imports (YoY) Feb: -14.2% (est. -15.80%, prev. -17.80%)\n\t<\/li>\n<li>\n\t\tChina FDI (CNY) (YoY) Feb: 1.8% (est. 1.7%, prev. 3.2%)\n\t<\/li>\n<li>\n\t\tPBOC set USD\/CNY midpoint at 6.4961 (0.32% stronger)\n\t<\/li>\n<li>\n\t\tRBA&#39;s Debelle: Would like a lower AUD, obviously not everyone can have a falling currency &#8211; RTRS\n\t<\/li>\n<\/ul>\n<p>\n\t<strong>FOMC Meeting:<\/strong>\n<\/p>\n<ul>\n<li>\n\t\tFOMC median fed funds est. 0.9% end-2016 vs 1.4% in December\n\t<\/li>\n<li>\n\t\tFED median fed funds est. 1.9% end-2017 vs 2.4% in December\n\t<\/li>\n<li>\n\t\tFED median fed funds est. 3% end-2018 vs 3.3% in December\n\t<\/li>\n<li>\n\t\tFED sees longer-run unemployment at 4.8% vs 4.9% in December\n\t<\/li>\n<li>\n\t\tFOMC&#39;s longer-run fed funds est. at 3.25% vs 3.5% in December\n\t<\/li>\n<li>\n\t\tFED releases new economic projections, benchmark rate outlook\n\t<\/li>\n<li>\n\t\tFED says global economic developments continue to pose risks\n\t<\/li>\n<li>\n\t\tFED: inflation expected to remain low in near term\n\t<\/li>\n<li>\n\t\tFED forecasts show shallower pace of rate rises in 2017-18\n\t<\/li>\n<li>\n\t\tYellen: Outlook hasn&#39;t changed much since December\n\t<\/li>\n<li>\n\t\tYellen: Moderate growth expected\n\t<\/li>\n<li>\n\t\tYellen: Wage growth yet to show signs of a pick-up\n\t<\/li>\n<li>\n\t\tYellen: Economy will continue to grow with gradual hikes\n\t<\/li>\n<li>\n\t\tYellen: While financial conditions have improved lately, concerns over global growth have tightened conditions in US\n\t<\/li>\n<li>\n\t\tYellen: Decision to hold rates reflects global developments\n\t<\/li>\n<li>\n\t\tYellen: Caution is appropriate\n\t<\/li>\n<\/ul>\n<p>\n\t&nbsp;\n<\/p>\n<p>\n\t<strong>Markets Update:<\/strong>\n<\/p>\n<p>\n\tThe US Dollar weakened across the board after the FOMC. While the central bank left rates unchanged, as expected by the market, the statement and comments from Fed Chair Yellen were more dovish than anticipated. EUR\/USD rallied from 1.1080 before the release of the statement to a high of 1.1240, while GBP\/USD rose from 1.4115 to 1.4270. Overnight, they retraced slightly. GBP\/USD ran into decent resistance above 1.4280 and fell back to 1.4230, while EUR\/USD consolidated in a 1.1205-30 range.\n<\/p>\n<p>\n\tUSDJPY has been under heavy pressure since the FOMC and continued its decline overnight, as it tumbled to 111.90. Further losses seem likely, with next support now seen at 111. Resistance is noted at 112.50 and 113.00.<a name=\"_GoBack\"><\/a>\n<\/p>\n<p>\n\t&nbsp;\n<\/p>\n<p>\n\t<strong>Upcoming Events:<\/strong>\n<\/p>\n<ul>\n<li>\n\t\t08:15 GMT &#8211; Swiss PPI\n\t<\/li>\n<li>\n\t\t08:30 GMT &#8211; SNB Rate Decision\n\t<\/li>\n<li>\n\t\t09:00 GMT &#8211; Norges Bank Rate Decision\n\t<\/li>\n<li>\n\t\t10:00 GMT &#8211; Euro Zone CPI\n\t<\/li>\n<li>\n\t\t12:00 GMT &#8211; Bank of England Rate Decision\n\t<\/li>\n<li>\n\t\t12:00 GMT &#8211; BoE MPC Meeting Minutes\n\t<\/li>\n<li>\n\t\t12:30 GMT &#8211; US Initial Jobless Claims\n\t<\/li>\n<li>\n\t\t12:30 GMT &#8211; US Phily Fed Manufacturing Index\n\t<\/li>\n<li>\n\t\t14:00 GMT &#8211; US JOLTs Job Openings\n\t<\/li>\n<li>\n\t\t23:50 GMT &#8211; BoJ Meeting Minutes\n\t<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: Asian stock markets: Nikkei up 0.05 %, Shanghai Composite gained 0.55 %, Hang Seng rose 1.50 %, ASX 200 rallied 1.10 % Commodities: Gold at $1257 (+2.25 %), Silver at $15.59 (+2.40 %), WTI Oil at $39.10 (+1.65 %), Brent Oil at $40.70 (+0.90 %) Rates: US 10 year yield at 1.90, UK &hellip; <a href=\"https:\/\/ic-ch-asia.com\/blog\/thursday-17th-march-european-open-briefing\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">Thursday 17th March European Open Briefing<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":12469,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-16468","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/ic-ch-asia.com\/blog\/wp-json\/wp\/v2\/posts\/16468","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ic-ch-asia.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ic-ch-asia.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ic-ch-asia.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ic-ch-asia.com\/blog\/wp-json\/wp\/v2\/comments?post=16468"}],"version-history":[{"count":1,"href":"https:\/\/ic-ch-asia.com\/blog\/wp-json\/wp\/v2\/posts\/16468\/revisions"}],"predecessor-version":[{"id":16469,"href":"https:\/\/ic-ch-asia.com\/blog\/wp-json\/wp\/v2\/posts\/16468\/revisions\/16469"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ic-ch-asia.com\/blog\/wp-json\/wp\/v2\/media\/12469"}],"wp:attachment":[{"href":"https:\/\/ic-ch-asia.com\/blog\/wp-json\/wp\/v2\/media?parent=16468"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ic-ch-asia.com\/blog\/wp-json\/wp\/v2\/categories?post=16468"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ic-ch-asia.com\/blog\/wp-json\/wp\/v2\/tags?post=16468"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}